Nick Train: Our returns have lagged

The fund's outperformance last year was generated during a period when markets were weakest and concerns about the pandemic were high, with the UK strategy beginning to underperform right around the time of the vaccine announcements in Q4 2020 - a theme that has spilled over into 2021. "Simply stated, having held up during the worst of 2020, our returns have lagged as economic and investor confidence recovered," Train said. Train gives the performance of Unilever's share price, a key holding in the portfolio, as an example. In 2020, Unilever was a safe haven for investors as the busin...